Published on 3/29/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $745,000 contingent income autocallable yield notes on S&P, Dow
Chicago, March 30 – BofA Finance LLC priced $745,000 of contingent income autocallable yield notes due March 23, 2027 linked to the worst performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.5% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each index closes above its initial level on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying assets: | S&P 500 index and Dow Jones industrial average
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Amount: | $745,000
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Maturity: | March 23, 2027
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Coupon: | 15.5% annualized, payable quarterly if each index closes at or above its coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call: | At par if each index closes above its initial level on any quarterly determination date
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Initial levels: | 19,898.92 for Dow, 2,398.10 for S&P
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Coupon barriers: | 13,929.24 for Dow, 1,678.67 for S&P, 70% of initial levels
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Downside thresholds: | 13,929.24 for Dow, 1,678.67 for S&P, 70% of initial levels
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Strike date: | March 18
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Pricing date: | March 19
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Settlement date: | March 23
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 09709TE49
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